Whilst some, most notably the IEA, claim that shale oil will help the US become the largest oil producer in the world, OPEC has never really acknowledged the significance of tight oil in the US until now.
In its recently released World Oil Outlook 2012, it wrote that, “given recent significant increases in North American shale oil and shale gas production, it is now clear that these resources might play an increasingly important role in non-OPEC medium- and long-term supply prospects.” This is a huge admission by OPEC, and one that could influence global oil markets, as previously OPEC has never been keen on new technologies such as fracking..............................................Full Article: Source